Bitcoin stalls below $38K as analysis hints ‘Notorious B.I.D.’ is back
” Swift breakdown” could follow tap of $40,000 Forecasting what could follow, meanwhile, Michaël van de Poppe, founder and CEO of trading firm Eight, refused to take $40,000 off the table.Related: 70% of BTC dormant for a year– 5 things to understand in Bitcoin today” Bitcoin continues to press greater and greater. Making greater lows, and attacking the resistance for the fourth time,” he discussed over night occasions. “Wouldnt be shocked with a breakout upwards to $40K and after that a swift breakdown again. Continue buying the dips!” BTC/USD annotated chart. Michaël van de Poppe/XPopular expert Matthew Hyland cautioned that relative strength index (RSI) might be at risk of printing a bearish divergence with price ought to the latter fail to pass existing 18-month highs simply listed below $38,000. At the time of writing, bulls were still unable to summon the required momentum. #Bitcoin still all going to planPrice and RSI are moving up Both will need to put in higher highs to prevent any chance at bearish divergence Will continue to upgrade this scenario: https://t.co/yNCi1fBuz2 pic.twitter.com/1XxPhiDd28— Matthew Hyland (@MatthewHyland_) November 21, 2023
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Bitcoin (BTC) sought to rematch 18-month highs into Nov. 21 as order book activity provided one expert a sense of deja vu.BTC/ USD 4-hour chart. Source: Material Indicators/XAn accompanying snapshot of BTC/USDT liquidity likewise revealed sellers lining up at and right away below $38,000. Amongst whales, it was the largest order class– between $1 million and $10 million– which was the only active associate, with others unanimously reducing direct exposure through the week.Commenting on the situation, Material Indicators co-founder Keith Alan argued that the entities behind the buy orders might be more organized than merely large-volume speculators.The quote wall at $33k vanished AGAIN and Brown MegaWhales purchased resistance at the local top AGAIN.If you believe MegaWhales have an issue with timing, re-read the thread I shared from @MI_Algos.
Bitcoin (BTC) looked for to rematch 18-month highs into Nov. 21 as order book activity gave one expert a sense of deja vu.BTC/ USD 4-hour chart. Source: Material Indicators/XAn accompanying picture of BTC/USDT liquidity also showed sellers lining up at and instantly below $38,000. Amongst whales, it was the largest order class– between $1 million and $10 million– which was the only active accomplice, with others unanimously decreasing exposure through the week.Commenting on the scenario, Material Indicators co-founder Keith Alan argued that the entities behind the buy orders might be more organized than merely large-volume speculators.The bid wall at $33k vanished AGAIN and Brown MegaWhales bought resistance at the regional top AGAIN.If you believe MegaWhales have a concern with timing, re-read the thread I shared from @MI_Algos.